Can I add my daughters or sons name to my bank account instead of having a power of attorney?
Uh yes you may but be careful. Limit that to several thousands of dollars, not hundreds of thousands of dollars. We prefer use of the durable power of attorney. That keeps things very clear. It makes clear what you want and it makes clear what they own. You do not want to expose your assets to their creditors. You do not want to confuse their eligibility with their assets and vice versa.